France Factory Output Falls

France’s industrial production declined for the third straight month in May, defying economists’ forecast for an increase, the statistical office Insee showed Tuesday, RTTNews reported. Industrial output dropped a seasonally adjusted 0.2% month-over-month in May, slower than the 0.5% fall in April. Meanwhile, it was expected to rise by 0.6%. Manufacturing output contracted 0.6% in May versus the expected climb of 0.5%. Data also showed that construction output advanced 1.9% over the month, while output in the mining and quarrying sector grew by 1.9%. In three months to May, industrial output declined 0.8% from the previous three months and manufacturing production registered a drop of 0.5%. President Emmanuel Macron has promised to overhaul the French welfare state and cut public spending, telling MPs at the Palace of Versailles on Monday that his only ideology is to strive for “French greatness”. The pro-business, centrist leader, who beat the far-right candidate Marine Le Pen in an election a year ago, denied seeking to help the wealthy at the expense of the poor as he sought to shake off accusations that he is a “president of the rich”.